Californian manufacturer of semi-conductor equipment Applied Materials is in the last stages of setting up a global treasury centre that incorporates its Asian operations. The project which was started in February this year is about 90% accomplished and should be completed next month. Applied Materials has spent 10 months consolidating banking relationships, tightening up approval processes, improving reporting and centralizing the responsibility for the company's balance sheet in Asia.
The process was started a year ago when the company's senior treasury manager, Robin Easton, decided it was time to get more control over the company's finances in the region. His impetus came from looking at other multinational companies that have successfully centralized their Asian treasury...
